On August 16, 2017, an arbitration tribunal convened under the Canada-Venezuela Bilateral Investment Treaty found that the Republic of Venezuela had unlawfully expropriated the gold mining assets of Rusoro Mining (“Rusoro”), a Canadian mining corporation.
The arbitral tribunal ordered Venezuela to compensate Rusoro in the amount of US$967.77 million, plus interest. With interest, the total amount due today is in excess of US$1.3 billion. Venezuela has refused to pay any portion of the award. As a result, Rusoro commenced litigation in the U.S. District Court for the District of Columbia to convert the award to a U.S. judgment that can be executed against Venezuela’s assets.